• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Banner Corporation Reports Net Income of $45.1 Million, or $1.30 Per Diluted Share, for First Quarter 2025; Declares Quarterly Cash Dividend of $0.48 Per Share

    4/16/25 4:00:00 PM ET
    $BANR
    Major Banks
    Finance
    Get the next $BANR alert in real time by email

    Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today reported net income of $45.1 million, or $1.30 per diluted share, for the first quarter of 2025, compared to $46.4 million, or $1.34 per diluted share, for the preceding quarter and $37.6 million, or $1.09 per diluted share, for the first quarter of 2024. Net interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and $133.0 million in the first quarter a year ago. The increase in net interest income compared to the preceding quarter reflects an overall increase in the yield on interest-earning assets and a decrease in funding costs, partially offset by a decrease in the average balance of interest-earning assets. The increase in net interest income compared to the prior year quarter reflects an increase in both the yield and average balance of interest-earning assets, partially offset by an increase in funding costs. First quarter 2025 results included a $3.1 million provision for credit losses, compared to $3.0 million in the preceding quarter and $520,000 in the first quarter of 2024.

    Banner announced that its Board of Directors declared a regular quarterly cash dividend of $0.48 per share payable May 9, 2025, to common shareholders of record on April 29, 2025.

    "Banner's first quarter operating results reflect the continued successful execution of our super community bank strategy, which emphasizes growing new client relationships, maintaining our core funding position, promoting client loyalty and advocacy through our responsive service model, and sustaining a moderate risk profile," said Mark Grescovich, President and CEO. "Our earnings for the first quarter of 2025 benefited from our solid year over year loan growth as well as net interest margin expansion during the first quarter as a result of higher yields on interest-earning assets and lower funding costs. This benefit was partially offset by lower non-interest income and increased non-interest expense. The investments we have made and continue to make to improve our operating performance have positioned Banner well for the future. Additionally, Banner's credit metrics continue to be strong, our reserve for loan losses remained solid, and our capital base continues to be robust. We continue to benefit from a strong core deposit base that has been resilient in a highly competitive environment, with core deposits representing 89% of total deposits at quarter end. Banner has upheld its core values for the past 134 years, which are to do the right thing for our clients, communities, colleagues, company and shareholders; and to provide consistent and reliable strength through all economic cycles and change events."

    At March 31, 2025, Banner, on a consolidated basis, had $16.17 billion in assets, $11.28 billion in net loans and $13.59 billion in deposits. Banner operates 135 full-service branch offices, including branches located in eight of the top 20 largest western Metropolitan Statistical Areas by population.

    First Quarter 2025 Highlights

    • Net interest margin, on a tax equivalent basis, was 3.92%, compared to 3.82% in the preceding quarter and 3.74% in the first quarter a year ago.
    • Revenue was $160.2 million for the first quarter of 2025, compared to $160.6 million in the preceding quarter and increased 11% from $144.6 million in the first quarter a year ago.
    • Adjusted revenue* (the total of net interest income and total non-interest income adjusted for the net gain or loss on the sale of securities and the net change in valuation of financial instruments) was $159.9 million in the first quarter of 2025, compared to $160.1 million in the preceding quarter and increased 6% from $150.4 million in the first quarter a year ago.
    • Net interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and increased 6% from $133.0 million in the first quarter a year ago.
    • Mortgage banking operations revenue was $3.1 million for the first quarter of 2025, compared to $3.7 million in the preceding quarter and $2.3 million in the first quarter a year ago.
    • Return on average assets was 1.15% for both the current and preceding quarter and 0.97% in the first quarter a year ago.
    • Net loans receivable increased to $11.28 billion at March 31, 2025, compared to $11.20 billion at December 31, 2024, and increased 5% compared to $10.72 billion at March 31, 2024.
    • Non-performing assets were $42.7 million, or 0.26% of total assets, at March 31, 2025, compared to $39.6 million, or 0.24% of total assets, at December 31, 2024 and $29.9 million, or 0.19% of total assets, at March 31, 2024.
    • The allowance for credit losses - loans was $157.3 million, or 1.38% of total loans receivable, as of March 31, 2025, compared to $155.5 million, or 1.37% of total loans receivable, as of December 31, 2024 and $151.1 million, or 1.39% of total loans receivable, as of March 31, 2024.
    • Total deposits increased to $13.59 billion at March 31, 2025, compared to $13.51 billion at December 31, 2024, and increased 3% compared to $13.16 billion at March 31, 2024.
    • Core deposits represented 89% of total deposits at March 31, 2025.
    • Dividends paid to shareholders were $0.48 per share in the quarter ended March 31, 2025.
    • Common shareholders' equity per share increased 3% to $53.16 at March 31, 2025, compared to $51.49 at the preceding quarter end, and increased 10% from $48.39 at March 31, 2024.
    • Tangible common shareholders' equity per share* increased 4% to $42.27 at March 31, 2025, compared to $40.57 at the preceding quarter end, and increased 13% from $37.40 at March 31, 2024.

    *Non-GAAP (Generally Accepted Accounting Principles) financial measure; See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

    Income Statement Review

    Net interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and $133.0 million in the first quarter a year ago. Net interest margin, on a tax equivalent basis, increased 10 basis points to 3.92% for the first quarter of 2025, compared to 3.82% in the preceding quarter, and increased 18 basis points compared to 3.74% in the first quarter a year ago. Net interest margin for the current quarter, compared to the preceding quarter, benefited from decreased funding costs and higher yields on interest earning assets.

    Average yields on interest-earning assets increased four basis points to 5.35% for the first quarter of 2025, compared to 5.31% for the preceding quarter, and increased 19 basis points compared to 5.16% in the first quarter a year ago, primarily due to increases in average loan yields. Average loan yields increased five basis points to 6.07%, compared to 6.02% in the preceding quarter, and increased 20 basis points compared to 5.87% in the first quarter a year ago. The increase in average loan yields during the current quarter primarily reflects new loans being originated at higher interest rates and adjustable rate loans repricing higher.

    Total deposit costs decreased six basis points to 1.47% in the first quarter of 2025, compared to 1.53% in the preceding quarter, and increased 10 basis points compared to 1.37% in the first quarter a year ago. The decrease in deposit costs in the current quarter compared to the prior quarter was primarily due to the lagging effect of interest rate declines in the prior quarter, partially offset by a decrease in the average balance of non-interest bearing deposits. In 2024, the Federal Open Market Committee ("FOMC") of the Federal Reserve lowered the target range for the federal funds rate three times, resulting in a target range of 4.25% to 4.50% at March 31, 2025. The average rate paid on borrowings decreased 25 basis points to 4.32% in the first quarter of 2025, compared to 4.57% in the preceding quarter, and decreased compared to 4.98% in the first quarter a year ago, primarily due to the decreases in market interest rates. The total cost of funding liabilities decreased five basis points to 1.55% in the first quarter of 2025, compared to 1.60% in the preceding quarter, and increased slightly compared to 1.53% in the first quarter a year ago, due to fluctuations in the deposit costs and a continued decrease in the cost of other borrowings.

    A $3.1 million provision for credit losses was recorded in the current quarter (comprised of a $4.5 million provision for credit losses - loans, a $1.4 million recapture of provision for credit losses - unfunded loan commitments and a $10,000 recapture of provision for credit losses - held-to-maturity debt securities). This compares to a $3.0 million provision for credit losses in the prior quarter (comprised of a $3.2 million provision for credit losses - loans, a $203,000 recapture of provision for credit losses - unfunded loan commitments and a $16,000 recapture of provision for credit losses - held-to-maturity debt securities) and a $520,000 provision for credit losses in the first quarter a year ago (comprised of a $1.4 million provision for credit losses - loans, an $887,000 recapture of provision for credit losses - unfunded loan commitments and a $17,000 recapture of provision for credit losses - held-to-maturity debt securities). The provision for credit losses for the current quarter primarily reflected loan growth in the construction portfolio and to a lesser extent risk rating migration and qualitative adjustments applied to address economic uncertainty.

    Total non-interest income was $19.1 million in the first quarter of 2025, compared to $20.0 million in the preceding quarter and $11.6 million in the first quarter a year ago. The decrease in non-interest income during the current quarter compared to the preceding quarter was primarily due to a $583,000 decrease in mortgage banking operations revenue and a $405,000 decrease in miscellaneous income, primarily due to a gain recognized on the sale of a non-performing loan during the fourth quarter of 2024, partially offset by a $431,000 increase in bank owned life insurance income due to the receipt of death benefit proceeds during the current quarter. The increase in non-interest income during the current quarter compared to the prior year quarter was primarily due to a $4.9 million decrease in the net loss recognized on the sale of securities and a $1.3 million increase in the fair value adjustments on financial instruments carried at fair value during the current quarter.

    Mortgage banking operations revenue was $3.1 million in the first quarter of 2025, compared to $3.7 million in the preceding quarter and $2.3 million in the first quarter a year ago. The volume of one- to four-family loans sold during the current quarter decreased compared to the preceding quarter and increased compared to the prior year quarter. While the volume of one- to four-family loans sold increased compared to the prior year quarter, volumes remained low due to reduced refinancing and purchase activity in the current rate environment. The decrease in mortgage banking operations revenue from the preceding quarter reflects a $508,000 gain related to the pooled loan sale of $34.8 million of one- to four-family loans during the fourth quarter of 2024 and a decrease in the market value of our hedge, partially offset by an increase in the pricing of one- to four-family loans sold during the current quarter. Home purchase activity accounted for 84% of one- to four-family mortgage loan originations in the first quarter of 2025, 79% in the preceding quarter and 89% in the first quarter of 2024.

    Total non-interest expense was $101.3 million in the first quarter of 2025, compared to $99.5 million in the preceding quarter and $97.6 million in the first quarter of 2024. The increase in non-interest expense for the current quarter compared to the prior quarter reflects a $2.3 million increase in salary and employee benefits, primarily resulting from increased medical premiums expense and payroll tax expense, and an $858,000 decrease in capitalized loan costs, partially offset by a $1.1 million decrease in advertising and marketing expenses, primarily due to decreases in printed media marketing and community development expenses. The increase in non-interest expense for the current quarter compared to the same quarter a year ago primarily reflects increases in salary and employee benefits and professional and legal expenses. Banner's efficiency ratio was 63.21% for the first quarter of 2025, compared to 61.95% in the preceding quarter and 67.55% in the same quarter a year ago. Banner's adjusted efficiency ratio, a non-GAAP financial measure, was 62.18% for the first quarter of 2025, compared to 60.74% in the preceding quarter and 63.70% in the year ago quarter. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a discussion and reconciliation of non-GAAP financial measures.

    Balance Sheet Review

    Total assets were $16.17 billion at March 31, 2025, down from $16.20 billion at December 31, 2024 and up from $15.52 billion at March 31, 2024. The decrease compared to the prior quarter was primarily due to a decrease in securities and interest-bearing deposits. Securities and interest-bearing deposits held at other banks totaled $3.33 billion at March 31, 2025, compared to $3.40 billion at December 31, 2024 and $3.32 billion at March 31, 2024. The average effective duration of the securities portfolio was approximately 6.5 years at March 31, 2025, compared to 6.6 years at March 31, 2024.

    Total loans receivable were $11.44 billion at March 31, 2025, up from $11.35 billion at December 31, 2024 and $10.87 billion at March 31, 2024. Construction, land and land development loans increased 10% to $1.67 billion at March 31, 2025, compared to $1.52 billion at December 31, 2024, and increased 6% compared to $1.57 billion at March 31, 2024. The increase was primarily the result of new loan production and advances, mostly related to multifamily construction projects, which included growth in affordable housing project loans, partially offset by payoffs and transfers to the portfolio upon completion of the construction phase. Commercial real estate loans decreased 1% to $3.84 billion at March 31, 2025, compared to $3.86 billion at December 31, 2024, and increased 6% compared to $3.61 billion at March 31, 2024. The increase from March 31, 2024 was primarily the result of new loan production and the conversion of commercial construction loans to the commercial real estate portfolio upon the completion of the construction phase. Multifamily real estate loans decreased 2% to $877.7 million at March 31, 2025, compared to $894.4 million at December 31, 2024, and increased 8% compared to $809.1 million at March 31, 2024. The increase from March 31, 2024 was primarily the result of the conversion of multifamily construction loans to the multifamily portfolio upon the completion of the construction phase. Commercial business loans decreased 1% to $2.41 billion at March 31, 2025, compared to $2.42 billion at December 31, 2024 and increased 5% compared to $2.29 billion at March 31, 2024, primarily due to new loan production.

    Loans held for sale were $24.5 million at March 31, 2025, compared to $32.0 million at December 31, 2024 and $9.4 million at March 31, 2024. One- to four- family residential mortgage held for sale loans sold in the current quarter totaled $108.1 million, compared to $153.2 million in the preceding quarter and $65.9 million in the first quarter a year ago. The decrease in loans held for sale compared to the preceding quarter was primarily the result of loan sales exceeding new originations of one- to four- family residential mortgage held for sale loans during the quarter. The increase in loans held for sale compared to the prior year quarter was primarily the result of an increase in the origination of one- to four- family residential mortgage held for sale loans.

    Total deposits were $13.59 billion at March 31, 2025, compared to $13.51 billion at December 31, 2024 and $13.16 billion a year ago. Core deposits increased 1% to $12.09 billion at March 31, 2025, compared to $12.01 billion at December 31, 2024, and increased 4% compared to $11.67 billion at March 31, 2024. The increase compared to the preceding and prior year quarters primarily reflects increases in interest-bearing transaction and savings accounts. Core deposits were 89% of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024. Certificates of deposit were $1.50 billion at both March 31, 2025 and December 31, 2024, and increased 1% from $1.49 billion a year earlier. The increase during the current quarter compared to the first quarter a year ago was principally due to clients seeking higher yields moving funds from core deposit accounts to higher yielding certificates of deposit, partially offset by a $32.2 million decrease in brokered deposits.

    FHLB advances were $168.0 million at March 31, 2025, compared to $290.0 million at December 31, 2024 and $52.0 million a year ago. At March 31, 2025, off-balance sheet liquidity included additional borrowing capacity of $3.14 billion at the FHLB and $1.65 billion at the Federal Reserve as well as federal funds line of credit agreements with other financial institutions of $125.0 million.

    At March 31, 2025, total common shareholders' equity was $1.83 billion or 11.34% of total assets, compared to $1.77 billion or 10.95% of total assets at December 31, 2024, and $1.66 billion or 10.73% of total assets at March 31, 2024. The increase at March 31, 2025 compared to December 31, 2024 was due to a decrease in accumulated other comprehensive loss of $29.3 million as the result of an increase in the fair value of the security portfolio and a $28.3 million increase in retained earnings as a result of $45.1 million in net income, partially offset by the accrual of $16.8 million of cash dividends during the first quarter of 2025. At March 31, 2025, tangible common shareholders' equity, a non-GAAP financial measure, was $1.46 billion, or 9.23% of tangible assets, compared to $1.40 billion, or 8.84% of tangible assets, at December 31, 2024, and $1.29 billion, or 8.50% of tangible assets, a year ago. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

    Banner and Banner Bank continue to maintain capital levels in excess of the requirements to be categorized as "well-capitalized." At March 31, 2025, Banner's estimated common equity Tier 1 capital ratio was 12.60%, its estimated Tier 1 leverage capital to average assets ratio was 11.22%, and its estimated total capital to risk-weighted assets ratio was 15.23%. These regulatory capital ratios are estimates, pending completion and filing of Banner's regulatory reports.

    Credit Quality

    The allowance for credit losses - loans was $157.3 million, or 1.38% of total loans receivable and 404% of non-performing loans, at March 31, 2025, compared to $155.5 million, or 1.37% of total loans receivable and 421% of non-performing loans, at December 31, 2024, and $151.1 million, or 1.39% of total loans receivable and 513% of non-performing loans, at March 31, 2024. In addition to the allowance for credit losses - loans, Banner maintains an allowance for credit losses - unfunded loan commitments, which was $12.2 million at March 31, 2025, compared to $13.6 million at December 31, 2024, and $13.6 million at March 31, 2024. Net loan charge-offs totaled $2.7 million in the first quarter of 2025, compared to net loan charge-offs of $2.3 million in the preceding quarter and net loan recoveries of $73,000 in the first quarter a year ago. Non-performing loans were $39.0 million at March 31, 2025, compared to $37.0 million at December 31, 2024, and $29.5 million a year ago. Substandard loans were $197.8 million as of March 31, 2025, compared to $192.5 million as of December 31, 2024 and $116.1 million a year ago. Total non-performing assets were $42.7 million, or 0.26% of total assets, at March 31, 2025, compared to $39.6 million, or 0.24% of total assets, at December 31, 2024, and $29.9 million, or 0.19% of total assets, a year ago.

    Conference Call

    Banner will host a conference call on Thursday April 17, 2025, at 8:00 a.m. PDT, to discuss its first quarter results. Interested investors may listen to the call live at www.bannerbank.com. Investment professionals are invited to dial (833) 470-1428 using access code 881889 to participate in the call. A replay of the call will be available at www.bannerbank.com.

    About the Company

    Banner Corporation is a $16.17 billion bank holding company operating a commercial bank in four Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at www.bannerbank.com.

    Forward-Looking Statements

    When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the "SEC"), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases "may," "believe," "will," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "plans," "potential," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date such statements are made and based only on information then actually known to Banner. Banner does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These statements may relate to future financial performance, strategic plans or objectives, revenues or earnings projections, or other financial information. By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements and could negatively affect Banner's operating and stock price performance.

    Factors that could cause Banner's actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: (1) adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company's business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a recession or slowed economic growth, or increased political instability; (2) changes in the interest rate environment, including increases or decreases in the Board of Governors of the Federal Reserve System (the "Federal Reserve") benchmark rate and duration at which such interest rate levels are maintained, which could affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; (3) the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; (4) the effects of any federal government shutdown; (5) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (6) expectations regarding key growth initiatives and strategic priorities; (7) the credit risks of lending activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses, which could necessitate additional provisions for credit losses, resulting both from loans originated and loans acquired from other financial institutions; (8) results of examinations by regulatory authorities, including the possibility that any such regulatory authority may, among other things, require increases in the allowance for credit losses or writing down of assets or impose restrictions or penalties with respect to Banner's activities; (9) competitive pressures among depository institutions, including repricing and competitors' pricing initiatives, and their impact on Banner's market position, loan, and deposit products; (10) the effect of inflation on interest rate movements and their impact on client behavior and net interest margin; (11) fluctuations in real estate values; (12) the ability to adapt successfully to technological changes to meet clients' needs and developments in the market place; (13) the ability to access cost-effective funding; (14) disruptions, security breaches or other adverse events, failures or interruptions in, or attacks on, information technology systems or on the third-party vendors who perform critical processing functions; (15) changes in financial markets; (16) the costs, effects and outcomes of litigation; (17) legislation or regulatory changes, including but not limited to changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules, other governmental initiatives affecting the financial services industry and changes in federal and/or state tax laws or interpretations thereof by taxing authorities; (18) the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors including, but not limited to, our agriculture based lending; (19) changes in accounting principles, policies or guidelines; (20) future acquisitions by Banner of other depository institutions or lines of business, and associated risks of goodwill impairment due to changes in Banner's business or market conditions; (21) effects of critical accounting policies and judgments, including the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; (22) other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and (23) other risks detailed from time to time in Banner's other reports filed with and furnished to the Securities and Exchange Commission including Banner's Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.

    RESULTS OF OPERATIONS

     

    Quarters Ended

    (in thousands except shares and per share data)

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    INTEREST INCOME:

     

     

     

     

     

     

    Loans receivable

     

    $

    168,677

     

     

    $

    169,586

     

     

    $

    156,475

     

    Mortgage-backed securities

     

     

    15,744

     

     

     

    16,086

     

     

     

    16,934

     

    Securities and cash equivalents

     

     

    9,447

     

     

     

    10,764

     

     

     

    11,279

     

    Total interest income

     

     

    193,868

     

     

     

    196,436

     

     

     

    184,688

     

    INTEREST EXPENSE:

     

     

     

     

     

     

    Deposits

     

     

    48,737

     

     

     

    52,217

     

     

     

    44,613

     

    Federal Home Loan Bank (FHLB) advances

     

     

    860

     

     

     

    85

     

     

     

    2,972

     

    Other borrowings

     

     

    694

     

     

     

    817

     

     

     

    1,175

     

    Subordinated debt

     

     

    2,494

     

     

     

    2,781

     

     

     

    2,969

     

    Total interest expense

     

     

    52,785

     

     

     

    55,900

     

     

     

    51,729

     

    Net interest income

     

     

    141,083

     

     

     

    140,536

     

     

     

    132,959

     

    PROVISION FOR CREDIT LOSSES

     

     

    3,139

     

     

     

    3,000

     

     

     

    520

     

    Net interest income after provision for credit losses

     

     

    137,944

     

     

     

    137,536

     

     

     

    132,439

     

    NON-INTEREST INCOME:

     

     

     

     

     

     

    Deposit fees and other service charges

     

     

    10,769

     

     

     

    11,018

     

     

     

    11,022

     

    Mortgage banking operations

     

     

    3,103

     

     

     

    3,686

     

     

     

    2,335

     

    Bank-owned life insurance

     

     

    2,575

     

     

     

    2,144

     

     

     

    2,237

     

    Miscellaneous

     

     

    2,346

     

     

     

    2,751

     

     

     

    1,892

     

     

     

     

    18,793

     

     

     

    19,599

     

     

     

    17,486

     

    Net gain (loss) on sale of securities

     

     

    —

     

     

     

    275

     

     

     

    (4,903

    )

    Net change in valuation of financial instruments carried at fair value

     

     

    315

     

     

     

    161

     

     

     

    (992

    )

    Total non-interest income

     

     

    19,108

     

     

     

    20,035

     

     

     

    11,591

     

    NON-INTEREST EXPENSE:

     

     

     

     

     

     

    Salary and employee benefits

     

     

    64,857

     

     

     

    62,523

     

     

     

    62,369

     

    Less capitalized loan origination costs

     

     

    (3,330

    )

     

     

    (4,188

    )

     

     

    (3,676

    )

    Occupancy and equipment

     

     

    12,097

     

     

     

    12,141

     

     

     

    12,462

     

    Information and computer data services

     

     

    7,628

     

     

     

    7,471

     

     

     

    7,320

     

    Payment and card processing services

     

     

    5,750

     

     

     

    5,771

     

     

     

    5,710

     

    Professional and legal expenses

     

     

    2,430

     

     

     

    3,025

     

     

     

    1,530

     

    Advertising and marketing

     

     

    590

     

     

     

    1,711

     

     

     

    1,079

     

    Deposit insurance

     

     

    2,797

     

     

     

    2,857

     

     

     

    2,809

     

    State and municipal business and use taxes

     

     

    1,454

     

     

     

    1,518

     

     

     

    1,304

     

    Real estate operations, net

     

     

    (61

    )

     

     

    113

     

     

     

    (220

    )

    Amortization of core deposit intangibles

     

     

    456

     

     

     

    589

     

     

     

    723

     

    Miscellaneous

     

     

    6,591

     

     

     

    5,947

     

     

     

    6,231

     

    Total non-interest expense

     

     

    101,259

     

     

     

    99,478

     

     

     

    97,641

     

    Income before provision for income taxes

     

     

    55,793

     

     

     

    58,093

     

     

     

    46,389

     

    PROVISION FOR INCOME TAXES

     

     

    10,658

     

     

     

    11,702

     

     

     

    8,830

     

    NET INCOME

     

    $

    45,135

     

     

    $

    46,391

     

     

    $

    37,559

     

    Earnings per common share:

     

     

     

     

     

     

    Basic

     

    $

    1.31

     

     

    $

    1.34

     

     

    $

    1.09

     

    Diluted

     

    $

    1.30

     

     

    $

    1.34

     

     

    $

    1.09

     

    Cumulative dividends declared per common share

     

    $

    0.48

     

     

    $

    0.48

     

     

    $

    0.48

     

    Weighted average number of common shares outstanding:

     

     

     

     

     

     

    Basic

     

     

    34,509,815

     

     

     

    34,501,016

     

     

     

    34,391,564

     

    Diluted

     

     

    34,778,687

     

     

     

    34,743,024

     

     

     

    34,521,105

     

    Increase in common shares outstanding

     

     

    30,140

     

     

     

    3,144

     

     

     

    46,852

     

    FINANCIAL CONDITION

     

     

     

     

     

     

     

    Percentage Change

    (in thousands except shares and per share data)

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

     

    Prior Qtr

     

    Prior Yr Qtr

    ASSETS

     

     

     

     

     

     

     

     

     

     

    Cash and due from banks

     

    $

    213,574

     

     

    $

    203,402

     

     

    $

    168,427

     

     

    5

    %

     

    27

    %

    Interest-bearing deposits

     

     

    228,371

     

     

     

    298,456

     

     

     

    40,849

     

     

    (23

    )%

     

    459

    %

    Total cash and cash equivalents

     

     

    441,945

     

     

     

    501,858

     

     

     

    209,276

     

     

    (12

    )%

     

    111

    %

    Securities - available for sale, amortized cost $2,426,395, $2,460,262, and $2,617,986, respectively

     

     

    2,108,945

     

     

     

    2,104,511

     

     

     

    2,244,939

     

     

    —

    %

     

    (6

    )%

    Securities - held to maturity, fair value $819,261, $825,528, and $869,097, respectively

     

     

    991,796

     

     

     

    1,001,564

     

     

     

    1,038,312

     

     

    (1

    )%

     

    (4

    )%

    Total securities

     

     

    3,100,741

     

     

     

    3,106,075

     

     

     

    3,283,251

     

     

    —

    %

     

    (6

    )%

    FHLB stock

     

     

    17,286

     

     

     

    22,451

     

     

     

    11,741

     

     

    (23

    )%

     

    47

    %

    Loans held for sale

     

     

    24,536

     

     

     

    32,021

     

     

     

    9,357

     

     

    (23

    )%

     

    162

    %

    Loans receivable

     

     

    11,438,796

     

     

     

    11,354,656

     

     

     

    10,869,096

     

     

    1

    %

     

    5

    %

    Allowance for credit losses – loans

     

     

    (157,323

    )

     

     

    (155,521

    )

     

     

    (151,140

    )

     

    1

    %

     

    4

    %

    Net loans receivable

     

     

    11,281,473

     

     

     

    11,199,135

     

     

     

    10,717,956

     

     

    1

    %

     

    5

    %

    Accrued interest receivable

     

     

    63,987

     

     

     

    60,885

     

     

     

    66,124

     

     

    5

    %

     

    (3

    )%

    Property and equipment, net

     

     

    119,649

     

     

     

    124,589

     

     

     

    129,889

     

     

    (4

    )%

     

    (8

    )%

    Goodwill

     

     

    373,121

     

     

     

    373,121

     

     

     

    373,121

     

     

    —

    %

     

    —

    %

    Other intangibles, net

     

     

    2,602

     

     

     

    3,058

     

     

     

    4,961

     

     

    (15

    )%

     

    (48

    )%

    Bank-owned life insurance

     

     

    313,942

     

     

     

    312,549

     

     

     

    306,600

     

     

    —

    %

     

    2

    %

    Operating lease right-of-use assets

     

     

    37,134

     

     

     

    39,998

     

     

     

    40,834

     

     

    (7

    )%

     

    (9

    )%

    Other assets

     

     

    394,396

     

     

     

    424,297

     

     

     

    365,169

     

     

    (7

    )%

     

    8

    %

    Total assets

     

    $

    16,170,812

     

     

    $

    16,200,037

     

     

    $

    15,518,279

     

     

    —

    %

     

    4

    %

    LIABILITIES

     

     

     

     

     

     

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

     

    Non-interest-bearing

     

    $

    4,571,598

     

     

    $

    4,591,543

     

     

    $

    4,699,553

     

     

    —

    %

     

    (3

    )%

    Interest-bearing transaction and savings accounts

     

     

    7,517,617

     

     

     

    7,423,183

     

     

     

    6,973,338

     

     

    1

    %

     

    8

    %

    Interest-bearing certificates

     

     

    1,504,050

     

     

     

    1,499,672

     

     

     

    1,485,880

     

     

    —

    %

     

    1

    %

    Total deposits

     

     

    13,593,265

     

     

     

    13,514,398

     

     

     

    13,158,771

     

     

    1

    %

     

    3

    %

    Advances from FHLB

     

     

    168,000

     

     

     

    290,000

     

     

     

    52,000

     

     

    (42

    )%

     

    223

    %

    Other borrowings

     

     

    130,588

     

     

     

    125,257

     

     

     

    183,341

     

     

    4

    %

     

    (29

    )%

    Subordinated notes, net

     

     

    80,389

     

     

     

    80,278

     

     

     

    89,456

     

     

    —

    %

     

    (10

    )%

    Junior subordinated debentures at fair value

     

     

    67,711

     

     

     

    67,477

     

     

     

    66,586

     

     

    —

    %

     

    2

    %

    Operating lease liabilities

     

     

    40,466

     

     

     

    43,472

     

     

     

    45,524

     

     

    (7

    )%

     

    (11

    )%

    Accrued expenses and other liabilities

     

     

    210,771

     

     

     

    258,070

     

     

     

    211,578

     

     

    (18

    )%

     

    —

    %

    Deferred compensation

     

     

    46,169

     

     

     

    46,759

     

     

     

    46,515

     

     

    (1

    )%

     

    (1

    )%

    Total liabilities

     

     

    14,337,359

     

     

     

    14,425,711

     

     

     

    13,853,771

     

     

    (1

    )%

     

    3

    %

    SHAREHOLDERS' EQUITY

     

     

     

     

     

     

     

     

     

     

    Common stock

     

     

    1,308,967

     

     

     

    1,307,509

     

     

     

    1,300,969

     

     

    —

    %

     

    1

    %

    Retained earnings

     

     

    772,412

     

     

     

    744,091

     

     

     

    663,021

     

     

    4

    %

     

    16

    %

    Accumulated other comprehensive loss

     

     

    (247,926

    )

     

     

    (277,274

    )

     

     

    (299,482

    )

     

    (11

    )%

     

    (17

    )%

    Total shareholders' equity

     

     

    1,833,453

     

     

     

    1,774,326

     

     

     

    1,664,508

     

     

    3

    %

     

    10

    %

    Total liabilities and shareholders' equity

     

    $

    16,170,812

     

     

    $

    16,200,037

     

     

    $

    15,518,279

     

     

    —

    %

     

    4

    %

    Common Shares Issued:

     

     

     

     

     

     

     

     

     

     

    Shares outstanding at end of period

     

     

    34,489,972

     

     

     

    34,459,832

     

     

     

    34,395,221

     

     

     

     

     

    Common shareholders' equity per share (1)

     

    $

    53.16

     

     

    $

    51.49

     

     

    $

    48.39

     

     

     

     

     

    Common shareholders' tangible equity per share (1) (2)

     

    $

    42.27

     

     

    $

    40.57

     

     

    $

    37.40

     

     

     

     

     

    Common shareholders' equity to total assets

     

     

    11.34

    %

     

     

    10.95

    %

     

     

    10.73

    %

     

     

     

     

    Common shareholders' tangible equity to tangible assets (2)

     

     

    9.23

    %

     

     

    8.84

    %

     

     

    8.50

    %

     

     

     

     

    Consolidated Tier 1 leverage capital ratio

     

     

    11.22

    %

     

     

    11.05

    %

     

     

    10.71

    %

     

     

     

     

    (1)

    Calculation is based on number of common shares outstanding at the end of the period rather than weighted average shares outstanding.

    (2)

    Common shareholders' tangible equity and tangible assets exclude goodwill and other intangible assets. These ratios represent non-GAAP financial measures. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    LOANS

     

     

     

     

     

     

     

    Percentage Change

     

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

     

    Prior Qtr

     

    Prior Yr Qtr

    Commercial real estate (CRE):

     

     

     

     

     

     

     

     

     

     

    Owner-occupied

     

    $

    1,020,829

     

     

    $

    1,027,426

     

     

    $

    905,063

     

     

    (1

    )%

     

    13

    %

    Investment properties

     

     

    1,598,387

     

     

     

    1,623,672

     

     

     

    1,544,885

     

     

    (2

    )%

     

    3

    %

    Small balance CRE

     

     

    1,217,458

     

     

     

    1,213,792

     

     

     

    1,159,355

     

     

    —

    %

     

    5

    %

    Multifamily real estate

     

     

    877,716

     

     

     

    894,425

     

     

     

    809,101

     

     

    (2

    )%

     

    8

    %

    Construction, land and land development:

     

     

     

     

     

     

     

     

     

     

    Commercial construction

     

     

    146,467

     

     

     

    122,362

     

     

     

    158,011

     

     

    20

    %

     

    (7

    )%

    Multifamily construction

     

     

    618,942

     

     

     

    513,706

     

     

     

    573,014

     

     

    20

    %

     

    8

    %

    One- to four-family construction

     

     

    504,265

     

     

     

    514,220

     

     

     

    495,931

     

     

    (2

    )%

     

    2

    %

    Land and land development

     

     

    396,009

     

     

     

    369,663

     

     

     

    344,563

     

     

    7

    %

     

    15

    %

    Commercial business:

     

     

     

     

     

     

     

     

     

     

    Commercial business

     

     

    1,283,754

     

     

     

    1,318,333

     

     

     

    1,262,716

     

     

    (3

    )%

     

    2

    %

    Small business scored

     

     

    1,122,550

     

     

     

    1,104,117

     

     

     

    1,028,067

     

     

    2

    %

     

    9

    %

    Agricultural business, including secured by farmland:

     

     

     

     

     

     

     

     

     

     

    Agricultural business, including secured by farmland

     

     

    334,899

     

     

     

    340,280

     

     

     

    317,958

     

     

    (2

    )%

     

    5

    %

    One- to four-family residential

     

     

    1,600,283

     

     

     

    1,591,260

     

     

     

    1,566,834

     

     

    1

    %

     

    2

    %

    Consumer:

     

     

     

     

     

     

     

     

     

     

    Consumer—home equity revolving lines of credit

     

     

    620,483

     

     

     

    625,680

     

     

     

    597,060

     

     

    (1

    )%

     

    4

    %

    Consumer—other

     

     

    96,754

     

     

     

    95,720

     

     

     

    106,538

     

     

    1

    %

     

    (9

    )%

    Total loans receivable

     

    $

    11,438,796

     

     

    $

    11,354,656

     

     

    $

    10,869,096

     

     

    1

    %

     

    5

    %

    Loans 30 - 89 days past due and on accrual

     

    $

    37,339

     

     

    $

    26,824

     

     

    $

    19,649

     

     

     

     

     

    Total delinquent loans (including loans on non-accrual), net

     

    $

    71,927

     

     

    $

    55,432

     

     

    $

    39,429

     

     

     

     

     

    Total delinquent loans / Total loans receivable

     

     

    0.63

    %

     

     

    0.49

    %

     

     

    0.36

    %

     

     

     

     

    LOANS BY GEOGRAPHIC LOCATION

     

     

     

     

     

     

     

     

     

    Percentage Change

     

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

     

    Prior Qtr

     

    Prior Yr Qtr

     

     

    Amount

     

    Percentage

     

    Amount

     

    Amount

     

     

     

     

    Washington

     

    $

    5,260,906

     

    46

    %

     

    $

    5,245,886

     

    $

    5,091,912

     

    —

    %

     

    3

    %

    California

     

     

    2,927,835

     

    26

    %

     

     

    2,861,435

     

     

    2,687,114

     

    2

    %

     

    9

    %

    Oregon

     

     

    2,122,953

     

    18

    %

     

     

    2,113,229

     

     

    2,013,453

     

    —

    %

     

    5

    %

    Idaho

     

     

    665,625

     

    6

    %

     

     

    665,158

     

     

    613,155

     

    —

    %

     

    9

    %

    Utah

     

     

    88,858

     

    1

    %

     

     

    82,459

     

     

    72,652

     

    8

    %

     

    22

    %

    Other

     

     

    372,619

     

    3

    %

     

     

    386,489

     

     

    390,810

     

    (4

    )%

     

    (5

    )%

    Total loans receivable

     

    $

    11,438,796

     

    100

    %

     

    $

    11,354,656

     

    $

    10,869,096

     

    1

    %

     

    5

    %

    ADDITIONAL FINANCIAL INFORMATION

    (dollars in thousands)

     

    LOAN ORIGINATIONS

    Quarters Ended

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Commercial real estate

    $

    37,041

     

    $

    124,554

     

    $

    67,362

    Multifamily real estate

     

    9,555

     

     

    3,120

     

     

    385

    Construction and land

     

    287,565

     

     

    303,345

     

     

    437,273

    Commercial business

     

    103,739

     

     

    250,515

     

     

    154,715

    Agricultural business

     

    12,765

     

     

    17,177

     

     

    34,406

    One-to four-family residential

     

    5,139

     

     

    29,531

     

     

    17,568

    Consumer

     

    80,030

     

     

    73,791

     

     

    66,145

    Total loan originations (excluding loans held for sale)

    $

    535,834

     

    $

    802,033

     

    $

    777,854

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

    CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES – LOANS

     

    Quarters Ended

     

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Balance, beginning of period

     

    $

    155,521

     

     

    $

    154,585

     

     

    $

    149,643

     

    Provision for credit losses – loans

     

     

    4,549

     

     

     

    3,219

     

     

     

    1,424

     

    Recoveries of loans previously charged off:

     

     

     

     

     

     

    Commercial real estate

     

     

    57

     

     

     

    1,215

     

     

     

    1,389

     

    One- to four-family real estate

     

     

    188

     

     

     

    124

     

     

     

    16

     

    Commercial business

     

     

    557

     

     

     

    245

     

     

     

    781

     

    Agricultural business, including secured by farmland

     

     

    10

     

     

     

    2

     

     

     

    106

     

    Consumer

     

     

    119

     

     

     

    164

     

     

     

    159

     

     

     

     

    931

     

     

     

    1,750

     

     

     

    2,451

     

    Loans charged off:

     

     

     

     

     

     

    Commercial real estate

     

     

    —

     

     

     

    (4

    )

     

     

    —

     

    Construction and land

     

     

    —

     

     

     

    (5

    )

     

     

    —

     

    One- to four-family real estate

     

     

    (13

    )

     

     

    —

     

     

     

    —

     

    Commercial business

     

     

    (3,301

    )

     

     

    (3,595

    )

     

     

    (1,809

    )

    Consumer

     

     

    (364

    )

     

     

    (429

    )

     

     

    (569

    )

     

     

     

    (3,678

    )

     

     

    (4,033

    )

     

     

    (2,378

    )

    Net charge-offs

     

     

    (2,747

    )

     

     

    (2,283

    )

     

     

    73

     

    Balance, end of period

     

    $

    157,323

     

     

    $

    155,521

     

     

    $

    151,140

     

    Net (charge-offs) recoveries / Average loans receivable

     

     

    (0.024

    )%

     

     

    (0.020

    )%

     

     

    0.001

    %

    ALLOCATION OF ALLOWANCE FOR CREDIT LOSSES – LOANS

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Commercial real estate

     

    $

    40,076

     

     

    $

    40,830

     

     

    $

    43,555

     

    Multifamily real estate

     

     

    10,109

     

     

     

    10,308

     

     

     

    9,293

     

    Construction and land

     

     

    32,042

     

     

     

    29,038

     

     

     

    28,908

     

    One- to four-family real estate

     

     

    20,752

     

     

     

    20,807

     

     

     

    20,432

     

    Commercial business

     

     

    38,665

     

     

     

    38,611

     

     

     

    35,544

     

    Agricultural business, including secured by farmland

     

     

    5,641

     

     

     

    5,727

     

     

     

    3,890

     

    Consumer

     

     

    10,038

     

     

     

    10,200

     

     

     

    9,518

     

    Total allowance for credit losses – loans

     

    $

    157,323

     

     

    $

    155,521

     

     

    $

    151,140

     

    Allowance for credit losses - loans / Total loans receivable

     

     

    1.38

    %

     

     

    1.37

    %

     

     

    1.39

    %

    Allowance for credit losses - loans / Non-performing loans

     

     

    404

    %

     

     

    421

    %

     

     

    513

    %

    CHANGE IN THE ALLOWANCE FOR CREDIT LOSSES - UNFUNDED LOAN COMMITMENTS

     

    Quarters Ended

     

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Balance, beginning of period

     

    $

    13,562

     

     

    $

    13,765

     

     

    $

    14,484

     

    Recapture of provision for credit losses - unfunded loan commitments

     

     

    (1,400

    )

     

     

    (203

    )

     

     

    (887

    )

    Balance, end of period

     

    $

    12,162

     

     

    $

    13,562

     

     

    $

    13,597

     

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

    NON-PERFORMING ASSETS

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Loans on non-accrual status:

     

     

     

     

     

    Secured by real estate:

     

     

     

     

     

    Commercial

    $

    2,182

     

     

    $

    2,186

     

     

    $

    2,753

     

    Construction and land

     

    4,359

     

     

     

    3,963

     

     

     

    5,029

     

    One- to four-family

     

    10,448

     

     

     

    10,016

     

     

     

    7,750

     

    Commercial business

     

    6,425

     

     

     

    7,067

     

     

     

    7,355

     

    Agricultural business, including secured by farmland

     

    10,301

     

     

     

    8,485

     

     

     

    2,496

     

    Consumer

     

    4,874

     

     

     

    4,835

     

     

     

    3,411

     

     

     

    38,589

     

     

     

    36,552

     

     

     

    28,794

     

    Loans more than 90 days delinquent, still on accrual:

     

     

     

     

     

    Secured by real estate:

     

     

     

     

     

    Construction and land

     

    —

     

     

     

    —

     

     

     

    286

     

    One- to four-family

     

    9

     

     

     

    369

     

     

     

    409

     

    Commercial business

     

    206

     

     

     

    —

     

     

     

    —

     

    Consumer

     

    155

     

     

     

    35

     

     

     

    —

     

     

     

    370

     

     

     

    404

     

     

     

    695

     

    Total non-performing loans

     

    38,959

     

     

     

    36,956

     

     

     

    29,489

     

    REO

     

    3,468

     

     

     

    2,367

     

     

     

    448

     

    Other repossessed assets

     

    300

     

     

     

    300

     

     

     

    —

     

    Total non-performing assets

    $

    42,727

     

     

    $

    39,623

     

     

    $

    29,937

     

    Total non-performing assets to total assets

     

    0.26

    %

     

     

    0.24

    %

     

     

    0.19

    %

    LOANS BY CREDIT RISK RATING

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Pass

    $

    11,207,852

     

    $

    11,118,744

     

    $

    10,731,015

    Special Mention

     

    33,133

     

     

    43,451

     

     

    22,029

    Substandard

     

    197,811

     

     

    192,461

     

     

    116,052

    Total

    $

    11,438,796

     

    $

    11,354,656

     

    $

    10,869,096

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    DEPOSIT COMPOSITION

     

     

     

     

     

     

     

    Percentage Change

     

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

     

    Prior Qtr

     

    Prior Yr Qtr

    Non-interest-bearing

     

    $

    4,571,598

     

    $

    4,591,543

     

    $

    4,699,553

     

    —

    %

     

    (3

    )%

    Interest-bearing checking

     

     

    2,431,279

     

     

    2,393,864

     

     

    2,112,799

     

    2

    %

     

    15

    %

    Regular savings accounts

     

     

    3,542,005

     

     

    3,478,423

     

     

    3,171,933

     

    2

    %

     

    12

    %

    Money market accounts

     

     

    1,544,333

     

     

    1,550,896

     

     

    1,688,606

     

    —

    %

     

    (9

    )%

    Total interest-bearing transaction and savings accounts

     

     

    7,517,617

     

     

    7,423,183

     

     

    6,973,338

     

    1

    %

     

    8

    %

    Total core deposits

     

     

    12,089,215

     

     

    12,014,726

     

     

    11,672,891

     

    1

    %

     

    4

    %

    Interest-bearing certificates

     

     

    1,504,050

     

     

    1,499,672

     

     

    1,485,880

     

    —

    %

     

    1

    %

    Total deposits

     

    $

    13,593,265

     

    $

    13,514,398

     

    $

    13,158,771

     

    1

    %

     

    3

    %

    GEOGRAPHIC CONCENTRATION OF DEPOSITS

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

     

    Percentage Change

     

     

    Amount

     

    Percentage

     

    Amount

     

    Amount

     

    Prior Qtr

     

    Prior Yr Qtr

    Washington

     

    $

    7,394,201

     

    54

    %

     

    $

    7,441,413

     

    $

    7,258,785

     

    (1

    )%

     

    2

    %

    Oregon

     

     

    3,045,078

     

    22

    %

     

     

    2,981,327

     

     

    2,914,605

     

    2

    %

     

    4

    %

    California

     

     

    2,463,012

     

    18

    %

     

     

    2,392,573

     

     

    2,316,515

     

    3

    %

     

    6

    %

    Idaho

     

     

    690,974

     

    5

    %

     

     

    699,085

     

     

    668,866

     

    (1

    )%

     

    3

    %

    Total deposits

     

    $

    13,593,265

     

    100

    %

     

    $

    13,514,398

     

    $

    13,158,771

     

    1

    %

     

    3

    %

    INCLUDED IN TOTAL DEPOSITS

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Public non-interest-bearing accounts

     

    $

    146,390

     

    $

    165,667

     

    $

    140,477

    Public interest-bearing transaction & savings accounts

     

     

    239,707

     

     

    248,746

     

     

    251,161

    Public interest-bearing certificates

     

     

    24,226

     

     

    25,423

     

     

    28,821

    Total public deposits

     

    $

    410,323

     

    $

    439,836

     

    $

    420,459

    Collateralized public deposits

     

    $

    313,445

     

    $

    336,376

     

    $

    316,554

    Total brokered deposits

     

    $

    75,321

     

    $

    50,346

     

    $

    107,527

     

     

     

     

     

     

     

    AVERAGE ACCOUNT BALANCE PER DEPOSIT ACCOUNT

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Number of deposit accounts

     

     

    453,808

     

     

    460,004

     

     

    461,399

    Average account balance per account

     

    $

    30

     

    $

    30

     

    $

    29

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

    ESTIMATED REGULATORY CAPITAL RATIOS AS OF MARCH 31, 2025

     

    Actual

     

    Minimum to be categorized as "Adequately Capitalized"

     

    Minimum to be

    categorized as

    "Well Capitalized"

     

     

    Amount

     

    Ratio

     

    Amount

     

    Ratio

     

    Amount

     

    Ratio

     

     

     

     

     

     

     

     

     

     

     

     

     

    Banner Corporation-consolidated:

     

     

     

     

     

     

     

     

     

     

     

     

    Total capital to risk-weighted assets

     

    $

    2,052,497

     

    15.23

    %

     

    $

    1,078,147

     

    8.00

    %

     

    $

    1,347,684

     

    10.00

    %

    Tier 1 capital to risk-weighted assets

     

     

    1,784,020

     

    13.24

    %

     

     

    808,610

     

    6.00

    %

     

     

    808,610

     

    6.00

    %

    Tier 1 leverage capital to average assets

     

     

    1,784,020

     

    11.22

    %

     

     

    636,113

     

    4.00

    %

     

     

    n/a

     

    n/a

     

    Common equity tier 1 capital to risk-weighted assets

     

     

    1,697,520

     

    12.60

    %

     

     

    606,458

     

    4.50

    %

     

     

    n/a

     

    n/a

     

    Banner Bank:

     

     

     

     

     

     

     

     

     

     

     

     

    Total capital to risk-weighted assets

     

     

    1,911,810

     

    14.16

    %

     

     

    1,079,945

     

    8.00

    %

     

     

    1,349,932

     

    10.00

    %

    Tier 1 capital to risk-weighted assets

     

     

    1,743,056

     

    12.91

    %

     

     

    809,959

     

    6.00

    %

     

     

    1,079,945

     

    8.00

    %

    Tier 1 leverage capital to average assets

     

     

    1,743,056

     

    10.95

    %

     

     

    636,570

     

    4.00

    %

     

     

    795,713

     

    5.00

    %

    Common equity tier 1 capital to risk-weighted assets

     

     

    1,743,056

     

    12.91

    %

     

     

    607,469

     

    4.50

    %

     

     

    877,456

     

    6.50

    %

    These regulatory capital ratios are estimates, pending completion and filing of Banner's regulatory reports.

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (rates / ratios annualized)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    ANALYSIS OF NET INTEREST SPREAD

    Quarters Ended

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

     

    Average Balance

     

    Interest and Dividends

     

    Yield / Cost (3)

     

    Average Balance

     

    Interest and Dividends

     

    Yield / Cost (3)

     

    Average Balance

     

    Interest and Dividends

     

    Yield / Cost (3)

    Interest-earning assets:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Held for sale loans

    $

    22,457

     

    $

    357

     

     

    6.45

    %

     

    $

    61,585

     

    $

    1,049

     

     

    6.78

    %

     

    $

    9,939

     

    $

    167

     

     

    6.76

    %

    Mortgage loans

     

    9,366,213

     

     

    137,724

     

     

    5.96

    %

     

     

    9,267,076

     

     

    136,831

     

     

    5.87

    %

     

     

    8,892,561

     

     

    125,284

     

     

    5.67

    %

    Commercial/agricultural loans

     

    1,907,212

     

     

    30,752

     

     

    6.54

    %

     

     

    1,900,337

     

     

    31,873

     

     

    6.67

    %

     

     

    1,830,095

     

     

    30,847

     

     

    6.78

    %

    Consumer and other loans

     

    121,492

     

     

    2,092

     

     

    6.98

    %

     

     

    124,726

     

     

    2,078

     

     

    6.63

    %

     

     

    133,854

     

     

    2,196

     

     

    6.60

    %

    Total loans (1)

     

    11,417,374

     

     

    170,925

     

     

    6.07

    %

     

     

    11,353,724

     

     

    171,831

     

     

    6.02

    %

     

     

    10,866,449

     

     

    158,494

     

     

    5.87

    %

    Mortgage-backed securities

     

    2,542,983

     

     

    15,895

     

     

    2.53

    %

     

     

    2,576,908

     

     

    16,228

     

     

    2.51

    %

     

     

    2,728,640

     

     

    17,076

     

     

    2.52

    %

    Other securities

     

    902,732

     

     

    9,687

     

     

    4.35

    %

     

     

    919,742

     

     

    10,281

     

     

    4.45

    %

     

     

    984,639

     

     

    11,501

     

     

    4.70

    %

    Interest-bearing deposits with banks

     

    65,758

     

     

    484

     

     

    2.99

    %

     

     

    107,404

     

     

    1,043

     

     

    3.86

    %

     

     

    45,264

     

     

    459

     

     

    4.08

    %

    FHLB stock

     

    12,804

     

     

    149

     

     

    4.72

    %

     

     

    9,887

     

     

    316

     

     

    12.71

    %

     

     

    19,073

     

     

    209

     

     

    4.41

    %

    Total investment securities

     

    3,524,277

     

     

    26,215

     

     

    3.02

    %

     

     

    3,613,941

     

     

    27,868

     

     

    3.07

    %

     

     

    3,777,616

     

     

    29,245

     

     

    3.11

    %

    Total interest-earning assets

     

    14,941,651

     

     

    197,140

     

     

    5.35

    %

     

     

    14,967,665

     

     

    199,699

     

     

    5.31

    %

     

     

    14,644,065

     

     

    187,739

     

     

    5.16

    %

    Non-interest-earning assets

     

    1,006,497

     

     

     

     

     

     

    1,016,366

     

     

     

     

     

     

    943,725

     

     

     

     

    Total assets

    $

    15,948,148

     

     

     

     

     

    $

    15,984,031

     

     

     

     

     

    $

    15,587,790

     

     

     

     

    Deposits:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing checking accounts

    $

    2,381,106

     

     

    8,537

     

     

    1.45

    %

     

    $

    2,377,179

     

     

    9,279

     

     

    1.55

    %

     

    $

    2,104,242

     

     

    6,716

     

     

    1.28

    %

    Savings accounts

     

    3,450,908

     

     

    18,103

     

     

    2.13

    %

     

     

    3,441,196

     

     

    19,447

     

     

    2.25

    %

     

     

    3,066,448

     

     

    15,279

     

     

    2.00

    %

    Money market accounts

     

    1,555,262

     

     

    7,860

     

     

    2.05

    %

     

     

    1,584,092

     

     

    8,510

     

     

    2.14

    %

     

     

    1,674,159

     

     

    8,388

     

     

    2.02

    %

    Certificates of deposit

     

    1,531,428

     

     

    14,237

     

     

    3.77

    %

     

     

    1,513,966

     

     

    14,981

     

     

    3.94

    %

     

     

    1,500,429

     

     

    14,230

     

     

    3.81

    %

    Total interest-bearing deposits

     

    8,918,704

     

     

    48,737

     

     

    2.22

    %

     

     

    8,916,433

     

     

    52,217

     

     

    2.33

    %

     

     

    8,345,278

     

     

    44,613

     

     

    2.15

    %

    Non-interest-bearing deposits

     

    4,526,596

     

     

    —

     

     

    —

    %

     

     

    4,640,557

     

     

    —

     

     

    —

    %

     

     

    4,711,922

     

     

    —

     

     

    —

    %

    Total deposits

     

    13,445,300

     

     

    48,737

     

     

    1.47

    %

     

     

    13,556,990

     

     

    52,217

     

     

    1.53

    %

     

     

    13,057,200

     

     

    44,613

     

     

    1.37

    %

    Other interest-bearing liabilities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    FHLB advances

     

    75,300

     

     

    860

     

     

    4.63

    %

     

     

    7,522

     

     

    85

     

     

    4.50

    %

     

     

    212,989

     

     

    2,972

     

     

    5.61

    %

    Other borrowings

     

    134,761

     

     

    694

     

     

    2.09

    %

     

     

    143,097

     

     

    817

     

     

    2.27

    %

     

     

    180,692

     

     

    1,175

     

     

    2.62

    %

    Junior subordinated debentures and subordinated notes

     

    169,678

     

     

    2,494

     

     

    5.96

    %

     

     

    169,678

     

     

    2,781

     

     

    6.52

    %

     

     

    181,579

     

     

    2,969

     

     

    6.58

    %

    Total borrowings

     

    379,739

     

     

    4,048

     

     

    4.32

    %

     

     

    320,297

     

     

    3,683

     

     

    4.57

    %

     

     

    575,260

     

     

    7,116

     

     

    4.98

    %

    Total funding liabilities

     

    13,825,039

     

     

    52,785

     

     

    1.55

    %

     

     

    13,877,287

     

     

    55,900

     

     

    1.60

    %

     

     

    13,632,460

     

     

    51,729

     

     

    1.53

    %

    Other non-interest-bearing liabilities (2)

     

    324,031

     

     

     

     

     

     

    324,447

     

     

     

     

     

     

    303,412

     

     

     

     

    Total liabilities

     

    14,149,070

     

     

     

     

     

     

    14,201,734

     

     

     

     

     

     

    13,935,872

     

     

     

     

    Shareholders' equity

     

    1,799,078

     

     

     

     

     

     

    1,782,297

     

     

     

     

     

     

    1,651,918

     

     

     

     

    Total liabilities and shareholders' equity

    $

    15,948,148

     

     

     

     

     

    $

    15,984,031

     

     

     

     

     

    $

    15,587,790

     

     

     

     

    Net interest income/rate spread (tax equivalent)

     

     

    $

    144,355

     

     

    3.80

    %

     

     

     

    $

    143,799

     

     

    3.71

    %

     

     

     

    $

    136,010

     

     

    3.63

    %

    Net interest margin (tax equivalent)

     

     

     

     

    3.92

    %

     

     

     

     

     

    3.82

    %

     

     

     

     

     

    3.74

    %

    Reconciliation to reported net interest income:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjustments for taxable equivalent basis

     

     

     

    (3,272

    )

     

     

     

     

     

     

    (3,263

    )

     

     

     

     

     

     

    (3,051

    )

     

     

    Net interest income and margin, as reported

     

     

    $

    141,083

     

     

    3.83

    %

     

     

     

    $

    140,536

     

     

    3.74

    %

     

     

     

    $

    132,959

     

     

    3.65

    %

    Additional Key Financial Ratios:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Return on average assets

     

     

     

     

    1.15

    %

     

     

     

     

     

    1.15

    %

     

     

     

     

     

    0.97

    %

    Adjusted return on average assets (4)

     

     

     

     

    1.14

    %

     

     

     

     

     

    1.15

    %

     

     

     

     

     

    1.08

    %

    Return on average equity

     

     

     

     

    10.17

    %

     

     

     

     

     

    10.35

    %

     

     

     

     

     

    9.14

    %

    Adjusted return on average equity (4)

     

     

     

     

    10.12

    %

     

     

     

     

     

    10.28

    %

     

     

     

     

     

    10.24

    %

    Average equity/average assets

     

     

     

     

    11.28

    %

     

     

     

     

     

    11.15

    %

     

     

     

     

     

    10.60

    %

    Average interest-earning assets/average interest-bearing liabilities

     

     

     

     

    160.69

    %

     

     

     

     

     

    162.05

    %

     

     

     

     

     

    164.16

    %

    Average interest-earning assets/average funding liabilities

     

     

     

     

    108.08

    %

     

     

     

     

     

    107.86

    %

     

     

     

     

     

    107.42

    %

    Non-interest income/average assets

     

     

     

     

    0.49

    %

     

     

     

     

     

    0.50

    %

     

     

     

     

     

    0.30

    %

    Non-interest expense/average assets

     

     

     

     

    2.57

    %

     

     

     

     

     

    2.48

    %

     

     

     

     

     

    2.52

    %

    Efficiency ratio

     

     

     

     

    63.21

    %

     

     

     

     

     

    61.95

    %

     

     

     

     

     

    67.55

    %

    Adjusted efficiency ratio (4)

     

     

     

     

    62.18

    %

     

     

     

     

     

    60.74

    %

     

     

     

     

     

    63.70

    %

    (1)

    Average balances include loans accounted for on a nonaccrual basis and accruing loans 90 days or more past due. Amortization of net deferred loan fees/costs is included with interest on loans.

    (2)

    Average other non-interest-bearing liabilities include fair value adjustments related to junior subordinated debentures.

    (3)

    Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was $2.2 million for both the quarters ended March 31, 2025 and December 31, 2024, and $2.0 million for the quarter ended March 31, 2024. The tax equivalent yield adjustment to interest earned on tax exempt securities was $1.0 million for each of the quarters ended March 31, 2025, December 31, 2024 and March 31, 2024.

    (4)

    Represent non-GAAP financial measures. See, "Additional Financial Information - Non-GAAP Financial Measures" on the final two pages of this press release for a reconciliation of non-GAAP financial measures.

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

     

     

     

     

     

    * Non-GAAP Financial Measures

     

     

     

     

     

    In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this earnings release contains certain non-GAAP financial measures. Tangible common shareholders' equity per share and the ratio of tangible common equity to tangible assets, and references to adjusted revenue, adjusted earnings, the adjusted return on average assets, the adjusted return on average equity and the adjusted efficiency ratio represent non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Banner's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:

     

     

     

     

     

     

    ADJUSTED REVENUE

    Quarters Ended

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Net interest income (GAAP)

    $

    141,083

     

     

    $

    140,536

     

     

    $

    132,959

    Non-interest income (GAAP)

     

    19,108

     

     

     

    20,035

     

     

     

    11,591

    Total revenue (GAAP)

     

    160,191

     

     

     

    160,571

     

     

     

    144,550

    Exclude: Net (gain) loss on sale of securities

     

    —

     

     

     

    (275

    )

     

     

    4,903

    Net change in valuation of financial instruments carried at fair value

     

    (315

    )

     

     

    (161

    )

     

     

    992

    Adjusted revenue (non-GAAP)

    $

    159,876

     

     

    $

    160,135

     

     

    $

    150,445

    ADJUSTED EARNINGS

    Quarters Ended

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Net income (GAAP)

    $

    45,135

     

     

    $

    46,391

     

     

    $

    37,559

     

    Exclude: Net (gain) loss on sale of securities

     

    —

     

     

     

    (275

    )

     

     

    4,903

     

    Net change in valuation of financial instruments carried at fair value

     

    (315

    )

     

     

    (161

    )

     

     

    992

     

    Related net tax expense (benefit)

     

    76

     

     

     

    105

     

     

     

    (1,415

    )

    Total adjusted earnings (non-GAAP)

    $

    44,896

     

     

    $

    46,060

     

     

    $

    42,039

     

     

     

     

     

     

     

    Diluted earnings per share (GAAP)

    $

    1.30

     

     

    $

    1.34

     

     

    $

    1.09

     

    Diluted adjusted earnings per share (non-GAAP)

    $

    1.29

     

     

    $

    1.33

     

     

    $

    1.22

     

    Return on average assets

     

    1.15

    %

     

     

    1.15

    %

     

     

    0.97

    %

    Adjusted return on average assets (1)

     

    1.14

    %

     

     

    1.15

    %

     

     

    1.08

    %

    Return on average equity

     

    10.17

    %

     

     

    10.35

    %

     

     

    9.14

    %

    Adjusted return on average equity (2)

     

    10.12

    %

     

     

    10.28

    %

     

     

    10.24

    %

    (1)

    Adjusted earnings (non-GAAP) divided by average assets.

    (2)

    Adjusted earnings (non-GAAP) divided by average equity.

    ADDITIONAL FINANCIAL INFORMATION

     

     

     

     

     

     

    (dollars in thousands)

     

     

     

     

     

     

    ADJUSTED EFFICIENCY RATIO

     

    Quarters Ended

     

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Non-interest expense (GAAP)

     

    $

    101,259

     

     

    $

    99,478

     

     

    $

    97,641

     

    Exclude: CDI amortization

     

     

    (456

    )

     

     

    (589

    )

     

     

    (723

    )

    State/municipal tax expense

     

     

    (1,454

    )

     

     

    (1,518

    )

     

     

    (1,304

    )

    REO operations

     

     

    61

     

     

     

    (113

    )

     

     

    220

     

    Adjusted non-interest expense (non-GAAP)

     

    $

    99,410

     

     

    $

    97,258

     

     

    $

    95,834

     

     

     

     

     

     

     

     

    Net interest income (GAAP)

     

    $

    141,083

     

     

    $

    140,536

     

     

    $

    132,959

     

    Non-interest income (GAAP)

     

     

    19,108

     

     

     

    20,035

     

     

     

    11,591

     

    Total revenue (GAAP)

     

     

    160,191

     

     

     

    160,571

     

     

     

    144,550

     

    Exclude: Net (gain) loss on sale of securities

     

     

    —

     

     

     

    (275

    )

     

     

    4,903

     

    Net change in valuation of financial instruments carried at fair value

     

     

    (315

    )

     

     

    (161

    )

     

     

    992

     

    Adjusted revenue (non-GAAP)

     

    $

    159,876

     

     

    $

    160,135

     

     

    $

    150,445

     

     

     

     

     

     

     

     

    Efficiency ratio (GAAP)

     

     

    63.21

    %

     

     

    61.95

    %

     

     

    67.55

    %

    Adjusted efficiency ratio (non-GAAP) (1)

     

     

    62.18

    %

     

     

    60.74

    %

     

     

    63.70

    %

    (1)

    Adjusted non-interest expense (non-GAAP) divided by adjusted revenue.

    TANGIBLE COMMON SHAREHOLDERS' EQUITY TO TANGIBLE ASSETS

     

     

     

     

     

     

     

     

    Mar 31, 2025

     

    Dec 31, 2024

     

    Mar 31, 2024

    Shareholders' equity (GAAP)

     

    $

    1,833,453

     

     

    $

    1,774,326

     

     

    $

    1,664,508

     

    Exclude goodwill and other intangible assets, net

     

     

    375,723

     

     

     

    376,179

     

     

     

    378,082

     

    Tangible common shareholders' equity (non-GAAP)

     

    $

    1,457,730

     

     

    $

    1,398,147

     

     

    $

    1,286,426

     

     

     

     

     

     

     

     

    Total assets (GAAP)

     

    $

    16,170,812

     

     

    $

    16,200,037

     

     

    $

    15,518,279

     

    Exclude goodwill and other intangible assets, net

     

     

    375,723

     

     

     

    376,179

     

     

     

    378,082

     

    Total tangible assets (non-GAAP)

     

    $

    15,795,089

     

     

    $

    15,823,858

     

     

    $

    15,140,197

     

    Common shareholders' equity to total assets (GAAP)

     

     

    11.34

    %

     

     

    10.95

    %

     

     

    10.73

    %

    Tangible common shareholders' equity to tangible assets (non-GAAP)

     

     

    9.23

    %

     

     

    8.84

    %

     

     

    8.50

    %

     

     

     

     

     

     

     

    TANGIBLE COMMON SHAREHOLDERS' EQUITY PER SHARE

     

     

     

     

     

     

    Shareholders' equity (GAAP)

     

    $

    1,833,453

     

     

    $

    1,774,326

     

     

    $

    1,664,508

     

    Tangible common shareholders' equity (non-GAAP)

     

    $

    1,457,730

     

     

    $

    1,398,147

     

     

    $

    1,286,426

     

    Common shares outstanding at end of period

     

     

    34,489,972

     

     

     

    34,459,832

     

     

     

    34,395,221

     

    Common shareholders' equity (book value) per share (GAAP)

     

    $

    53.16

     

     

    $

    51.49

     

     

    $

    48.39

     

    Tangible common shareholders' equity (tangible book value) per share (non-GAAP)

     

    $

    42.27

     

     

    $

    40.57

     

     

    $

    37.40

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250416009714/en/

    MARK J. GRESCOVICH,

    PRESIDENT & CEO

    ROBERT G. BUTTERFIELD, CFO

    (509) 527-3636

    Get the next $BANR alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $BANR

    DatePrice TargetRatingAnalyst
    4/21/2025$71.00Neutral → Buy
    Janney
    7/19/2024Buy → Neutral
    Janney
    10/21/2022$68.00 → $72.00Strong Buy → Outperform
    Raymond James
    6/28/2022$68.00Neutral → Buy
    Janney
    6/17/2022Equal-Weight → Overweight
    Stephens
    1/24/2022$68.00 → $72.00Strong Buy
    Raymond James
    10/22/2021$63.00 → $68.00Strong Buy
    Raymond James
    9/7/2021$63.00 → $60.00Buy → Neutral
    DA Davidson
    More analyst ratings

    $BANR
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by Banner Corporation

      SC 13G - BANNER CORP (0000946673) (Subject)

      11/8/24 10:29:30 AM ET
      $BANR
      Major Banks
      Finance
    • SEC Form SC 13G/A filed by Banner Corporation (Amendment)

      SC 13G/A - BANNER CORP (0000946673) (Subject)

      2/13/24 5:00:57 PM ET
      $BANR
      Major Banks
      Finance
    • SEC Form SC 13G/A filed by Banner Corporation (Amendment)

      SC 13G/A - BANNER CORP (0000946673) (Subject)

      2/9/24 9:58:59 AM ET
      $BANR
      Major Banks
      Finance

    $BANR
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Banner upgraded by Janney with a new price target

      Janney upgraded Banner from Neutral to Buy and set a new price target of $71.00

      4/21/25 8:28:02 AM ET
      $BANR
      Major Banks
      Finance
    • Banner downgraded by Janney

      Janney downgraded Banner from Buy to Neutral

      7/19/24 7:28:58 AM ET
      $BANR
      Major Banks
      Finance
    • Banner downgraded by Raymond James with a new price target

      Raymond James downgraded Banner from Strong Buy to Outperform and set a new price target of $72.00 from $68.00 previously

      10/21/22 9:20:36 AM ET
      $BANR
      Major Banks
      Finance

    $BANR
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Executive VP, Banner Bank Rice Jill M covered exercise/tax liability with 142 shares, decreasing direct ownership by 0.54% to 26,203 units (SEC Form 4)

      4 - BANNER CORP (0000946673) (Issuer)

      4/4/25 1:59:02 PM ET
      $BANR
      Major Banks
      Finance
    • Executive VP, Banner Bank Reed James T Jr covered exercise/tax liability with 118 shares, decreasing direct ownership by 0.36% to 32,764 units (SEC Form 4)

      4 - BANNER CORP (0000946673) (Issuer)

      4/4/25 1:56:17 PM ET
      $BANR
      Major Banks
      Finance
    • Executive VP, Banner Bank Quillin M Kirk covered exercise/tax liability with 153 shares, decreasing direct ownership by 0.41% to 37,070 units (SEC Form 4)

      4 - BANNER CORP (0000946673) (Issuer)

      4/4/25 1:53:14 PM ET
      $BANR
      Major Banks
      Finance

    $BANR
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Banner Corporation Reports Net Income of $45.1 Million, or $1.30 Per Diluted Share, for First Quarter 2025; Declares Quarterly Cash Dividend of $0.48 Per Share

      Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today reported net income of $45.1 million, or $1.30 per diluted share, for the first quarter of 2025, compared to $46.4 million, or $1.34 per diluted share, for the preceding quarter and $37.6 million, or $1.09 per diluted share, for the first quarter of 2024. Net interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and $133.0 million in the first quarter a year ago. The increase in net interest income compared to the preceding quarter reflects an overall increase in the yield on interest-earning assets and a decrease in funding costs, partially of

      4/16/25 4:00:00 PM ET
      $BANR
      Major Banks
      Finance
    • Banner Corporation Announces First Quarter 2025 Conference Call and Webcast

      Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today announced that it will report its first quarter results after the market closes on Wednesday, April 16, 2025. Management will host a conference call on Thursday, April 17, 2025, at 8:00 a.m. PT (11:00 a.m. ET) to discuss the results. The call will also be broadcast live via the internet. Interested investors may listen to the call live at www.bannerbank.com. Investment professionals are invited to dial (833) 470-1428 using access code 881889 to participate in the call. A replay of the call will be available at www.bannerbank.com. About the Company Banner Corporation is a $16.20 billion bank holding comp

      3/31/25 9:00:00 AM ET
      $BANR
      Major Banks
      Finance
    • J.D. Power Ranks Banner Bank Highest in the Northwest for Retail Customer Satisfaction

      The Banner Bank leadership team is pleased to announce the Bank ranked highest in the Northwest region for customer satisfaction in the just-released J.D. Power U.S. Retail Banking Satisfaction Study. This is the fifth time* in the past decade Banner Bank has earned this recognition. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250328242107/en/Banner Bank ranks #1 in 2025 Retail Satisfaction Study for Northwest Region "It is an incredible honor to receive this recognition by J.D. Power because it is based on the opinions of our clients," said Mark Grescovich, President & CEO of Banner Bank. "The study results further affirm we

      3/28/25 4:09:00 PM ET
      $BANR
      Major Banks
      Finance

    $BANR
    Leadership Updates

    Live Leadership Updates

    See more
    • Banner Bank Adds Chief Banking Officer to Leadership Team; Hires Borrecco to Fill Role

      The Banner Bank executive leadership team is expanding to include a Chief Banking Officer and Mark Borrecco has been hired to fill the role. Borrecco is overseeing the Bank's production lines of business, including commercial, commercial real estate, community banking and mortgage. He is responsible for executing on the Bank's initiatives to enhance the client experience while ensuring continuing growth and profitability across all banking divisions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240912901687/en/Mark Borrecco, EVP & Chief Banking Officer, Banner Bank (Photo: Business Wire) "This addition to our executive leadersh

      9/12/24 9:10:00 AM ET
      $BANR
      Major Banks
      Finance
    • National Philanthropic Trust Welcomes Three Board Members

      Jeffrey Armbrister, Lindy Benton-Moreno, and Connie Collingsworth join the Board of Trustees at the largest national, independent donor-advised fund public charity National Philanthropic Trust (NPT), the largest national, independent public charity that manages donor-advised funds, and one of the leading grantmaking institutions in the U.S., is pleased to announce the appointment of Jeffrey Armbrister, Lindy Benton-Moreno, and Connie Collingsworth to its Board of Trustees. "As NPT continues to grow, innovate, and advance philanthropy around the world, we welcome these three accomplished professionals to our Board of Trustees," said Eileen Heisman, CEO of National Philanthropic Trust. "N

      1/3/24 9:30:00 AM ET
      $BANR
      $HLNE
      $OCGN
      Major Banks
      Finance
      Investment Managers
      Biotechnology: Biological Products (No Diagnostic Substances)
    • Banner Corporation Announces Retirement of Banner Bank Chief Risk Officer; Hiring of Replacement

      WALLA WALLA, Wash., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Banner Corporation (NASDAQ:GSM), the parent company of Banner Bank, today announced the retirement of Judy Steiner, Executive Vice President and Chief Risk Officer of the Bank, effective November 25, 2021. Jim Costa has been hired to succeed Steiner as Executive Vice President and Chief Risk Officer as well as the Bank's chief banking regulatory liaison. Costa is joining the Bank immediately and will begin working with Steiner to ensure a smooth transition. Steiner joined Banner Bank in 2016, shortly after the transformational acquisition of AmericanWest which doubled the Bank's asset size. Prior to that, Steiner spent 25 years with Fi

      10/28/21 4:05:00 PM ET
      $BANR
      $GSM
      Major Banks
      Finance
      Metal Mining
      Basic Materials

    $BANR
    SEC Filings

    See more
    • SEC Form 10-Q filed by Banner Corporation

      10-Q - BANNER CORP (0000946673) (Filer)

      5/6/25 1:31:41 PM ET
      $BANR
      Major Banks
      Finance
    • Banner Corporation filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Other Events, Financial Statements and Exhibits

      8-K - BANNER CORP (0000946673) (Filer)

      4/16/25 4:35:32 PM ET
      $BANR
      Major Banks
      Finance
    • SEC Form DEFA14A filed by Banner Corporation

      DEFA14A - BANNER CORP (0000946673) (Filer)

      4/9/25 4:15:15 PM ET
      $BANR
      Major Banks
      Finance

    $BANR
    Financials

    Live finance-specific insights

    See more
    • Banner Corporation Reports Net Income of $45.1 Million, or $1.30 Per Diluted Share, for First Quarter 2025; Declares Quarterly Cash Dividend of $0.48 Per Share

      Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today reported net income of $45.1 million, or $1.30 per diluted share, for the first quarter of 2025, compared to $46.4 million, or $1.34 per diluted share, for the preceding quarter and $37.6 million, or $1.09 per diluted share, for the first quarter of 2024. Net interest income was $141.1 million in the first quarter of 2025, compared to $140.5 million in the preceding quarter and $133.0 million in the first quarter a year ago. The increase in net interest income compared to the preceding quarter reflects an overall increase in the yield on interest-earning assets and a decrease in funding costs, partially of

      4/16/25 4:00:00 PM ET
      $BANR
      Major Banks
      Finance
    • Banner Corporation Announces First Quarter 2025 Conference Call and Webcast

      Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today announced that it will report its first quarter results after the market closes on Wednesday, April 16, 2025. Management will host a conference call on Thursday, April 17, 2025, at 8:00 a.m. PT (11:00 a.m. ET) to discuss the results. The call will also be broadcast live via the internet. Interested investors may listen to the call live at www.bannerbank.com. Investment professionals are invited to dial (833) 470-1428 using access code 881889 to participate in the call. A replay of the call will be available at www.bannerbank.com. About the Company Banner Corporation is a $16.20 billion bank holding comp

      3/31/25 9:00:00 AM ET
      $BANR
      Major Banks
      Finance
    • Banner Corporation Reports Net Income of $46.4 Million, or $1.34 Per Diluted Share, for Fourth Quarter 2024; Declares Quarterly Cash Dividend of $0.48 Per Share

      Banner Corporation (NASDAQ:BANR) ("Banner"), the parent company of Banner Bank, today reported net income of $46.4 million, or $1.34 per diluted share, for the fourth quarter of 2024, compared to $45.2 million, or $1.30 per diluted share, for the preceding quarter and $42.6 million, or $1.24 per diluted share, for the fourth quarter of 2023. Net interest income was $140.5 million in the fourth quarter of 2024, compared to $135.7 million in the preceding quarter and $138.4 million in the fourth quarter a year ago. The increase in net interest income compared to the preceding quarter reflects a decrease in funding costs and an increase in interest-earning assets, partially offset by a decreas

      1/22/25 4:00:00 PM ET
      $BANR
      Major Banks
      Finance